China’s Ganfeng Lithium secures 3-year lithium supply contract with Tesla.
Ganfeng Lithium, one of the world’s top producers of the commodity used in electric vehicles, and its wholly-owned subsidiary GFL International Co.,Ltd. have inked a contract to supply Tesla Inc. and Tesla (Shanghai) Co.,Ltd. with battery-grade lithium products, Ganfeng said in a filing to Shenzhen Stock Exchange.
According to the contract, Ganfeng Lithium and its unit will provide Tesla with battery-grade lithium hydroxide products for three years starting from 2022. The actual sales volume and contract value will be determined based on Tesla’s procurement orders.
Ganfeng Lithium forged a strategic partnership with Tesla as far back as 2018. Per the former agreement, Tesla required its designated battery supplier to procure battery-grade lithium products from Ganfeng Lithium and GFL International Co.,Ltd. from Jan. 1, 2018 to Dec. 31, 2020.
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Some analysts said the new cooperation is conducive to the reinforcement of the long-term partnership between Ganfeng and Tesla, and the improvement of Ganfeng’s sustainable profitability and long-run development.
China’s Ganfeng Lithium secures 3-year lithium supply contract with Tesla, Shanghai, Gasgoo, November 2, 2021
